Federal student loans
Stafford Loan
Parent Loan for Undergraduate Students (PLUS)
SMART LOAN® Consolidation
Account
Private education loans
Signature Student Loan®
MBA LOANS® Private Loan
LAWLOANS® Private Loan
LAWLOANS Bar Study Loan®
MEDLOANS ALP®
MEDEX Loan
Career Training Loan®
K-12®
Tuition AnswerSM Loan
Federal student loans
Stafford loan
The Stafford loan interest rate is 4.70% during in-school, grace,
and deferment periods and 5.30% during repayment for loans disbursed
on or after July 1, 2005 through June 30, 2006. The interest rate
for Stafford loans is variable and may change annually, but will
never exceed 8.25%.
Parent Loan for Undergraduate Students (PLUS)
The PLUS loan interest rate is 6.10% for loans disbursed on or after
July 1, 2005 through June 30, 2006. The interest rate for PLUS loans
is variable and may change annually but will never exceed 9%.
SMART LOAN Consolidation Account
The fixed interest rate for consolidation loans varies from borrower
to borrower but is generally expected to range from 4.75% to 6.125%.
Interest rates are based on the borrower's underlying loans' primary
rates and do not include discounts for interest reduction benefits.
Special rules apply to consolidation loans that include HEAL loans.
Read more about the SMART
LOAN Consolidation Account.
Different interest rates apply to Federal Stafford, PLUS, and Consolidation loans issued before July 1, 1998.
For all APR examples disbursement fees are added to the loan amount, and all repayment fees are added to the loan amount when repayment begins. The Prime Rate for October 2005 is 6.75%.
Signature Student Loan
| Interest rate interim |
Interest rate repayment |
Disbursement fee |
Repayment fee |
APR |
Monthly payment |
| Prime - 0.25% |
Prime - |
0% |
0% |
6.22% |
$110.00 |
| Prime + 0.50% |
Prime + 0.50% |
0% |
0% |
6.90% |
$118.00 |
| Prime + 1% |
Prime + |
0% |
0% |
7.35% |
$124.00 |
| Prime + 1.75% |
Prime + |
0% |
0% |
8.02% |
$133.00 |
| Prime + 2.5% |
Prime + |
3% |
3% |
9.28% |
$150.00 |
| Prime + 6% |
Prime + |
0% |
3% |
12.01% |
$196.00 |
Assumptions: Constant Prime Rate of 6.75%; $10,000 loan taken out freshman year, one disbursement of $5,000 on September 1 and a second disbursement of $5,000 on January 2. Fifty-one months pass (45 months in school plus 6 months grace) before 180-month repayment term begins. Monthly payment amount rounded to the nearest dollar.
|
Interest rate interim |
Interest rate repayment |
Disbursement fee |
Repayment fee |
APR |
Monthly payment |
|
Prime - 0.75% |
Prime - 0.75% |
0% |
0% |
5.92% |
$95.00 |
| Prime + 0% | Prime + |
0% | 0% | 6.65% | $101.00 |
| Prime + 0.50% | Prime + 0.50% |
0% | 0% | 7.13% | $105.00 |
| Prime + 0.25% | Prime + 0.25% |
0% | 3% | 7.24% | $106.00 |
| Prime + 1% | Prime + 1% |
0% | 0% | 7.61% | $109.00 |
| Prime + 1.25% | Prime + 1.25% |
0% | 3% | 8.22% | $115.00 |
| Prime + 3.50% | Prime + 3.50% |
0% | 0% | 10.00% | $132.00 |
Assumptions: Constant Prime Rate of 6.75%; $10,000 loan taken out the first year of graduate school, one disbursement of $5,000 on September 1 and a second disbursement of $5,000 on January 2. Twenty-seven months pass (21 months in school plus 6 months grace) before 180-month repayment term begins. Monthly payment amount rounded to the nearest dollar.
| Interest rate interim |
Interest rate repayment |
Disbursement fee |
Repayment fee |
APR |
Monthly payment |
| Prime + 0% | Prime + 0% | 0% | 0% |
6.53% | $108.00 |
| Prime + 0.25% | Prime + 0.25% | 0% | 0% | 6.76% | $111.00 |
| Prime + 0.50% | Prime + 0.50% |
0% | 0% |
6.99% | $113.00 |
| Prime + 1.50% | Prime + 1.50% |
0% | 5% | 8.44% | $130.00 |
| Prime + 5% | Prime + 5% |
0% | 3% | 11.41% | $170.00 |
| Prime + 5.50% | Prime + 5.50% |
0% | 3% | 11.85% | $176.00 |
Assumptions: Constant Prime Rate of 6.75%; $10,000 loan taken out the first year of graduate school, one disbursement of $5,000 on September 1 and a second disbursement of $5,000 on January 2. Forty-two months pass (33 months in school plus 9 months grace) before 180-month repayment term begins. Monthly payment amount rounded to the nearest dollar.
| Interest rate interim |
Interest rate repayment |
Disbursement fee |
Repayment fee |
APR |
Monthly payment |
| Prime + 2.5% |
Prime + |
6% |
0% |
10.15% |
$103.00 |
| Prime + 3% |
Prime + |
11.5% |
0% |
11.49% |
$112.00 |
Assumptions: Constant Prime Rate of 6.75%; $9,000 loan disbursed as one disbursement of $9,000. Nine months pass before 180-month repayment term begins. Monthly payment amount rounded to the nearest dollar.
| Interest rate interim |
Interest rate repayment |
Disbursement fee |
Repayment fee |
APR |
Monthly payment |
| Prime + 0% | Prime + 2% |
0% | 1.5% | 7.38% | $130.00 |
Assumptions: Constant Prime Rate of 6.75%; $10,000 loan taken out the first year of graduate school, one disbursement of $5,000 on September 1 and a second disbursement of $5,000 on January 2. Eighty-one months pass (45 months in school plus 36 months of deferment/grace for residency and/or internship) before 240-month repayment term begins. Monthly payment amount rounded to the nearest dollar.
| Interest rate interim |
Interest rate repayment |
Disbursement fee |
Repayment fee |
APR |
Monthly payment |
| Prime + 1% |
Prime + |
0% |
1.5% |
8.90% |
$110.00 |
Assumptions: Constant Prime Rate of 6.75%; $12,000, one disbursement of $6,000 on September 1 and a second disbursement of $6,000 on January 2. Forty-five months pass (9 months in school plus 36 months of deferment/grace for residency and/or internship) before 240-month repayment term begins. Monthly payment amount rounded to the nearest dollar.
Career Training Loan annual percentage rate (APR) examples:
Variable APR: The APR is a variable rate and may increase if the Prime Rate increases.
Repayment begins 30 days after the loan's disbursement for all repayment options.
*The interest rates and fees represent examples of typical transactions. A range of rates and fees exists within each credit tier (excellent, good, fair), based on the credit rating of the borrower and cosigner (if there is a cosigner). For example, if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees would fall within the "good" credit tier. Your rate and fee may vary from those shown. All loan fees are capitalized (added to the loan principal).
Standard
Interest rate and fees* |
Credit rating |
||
| Excellent | Good | Fair | |
Requested loan amount |
$6,500 |
$6,500 |
$6,500 |
Loan fee |
2%; $130 |
5%; $325 |
9%; $585 |
Total loan amount |
$6,630 (includes 2% loan fee) |
$6,825 (includes 5% loan fee) |
$7,085 (includes 9% loan fee) |
Interest rate |
Prime + 1% = 6.75% |
Prime + 3%= 8.75% |
Prime + 9% = 14.75% |
APR |
7.07% |
9.59% |
16.55% |
Monthly principal and interest payments |
$58.67 for 180 months |
$68.21 for 180 months |
$97.95 for 180 months |
Interest-only
Interest rate and fees* |
Credit rating |
||
| Excellent | Good | Fair | |
Requested loan amount |
$6,500 |
$6,500 |
$6,500 |
Loan fee |
2%; $130 |
5%; $325 |
9%; $585 |
Total loan amount |
$6,630 (includes 2% loan fee) |
$6,825 (includes 5% loan fee) |
$7,085 (includes 9% loan fee) |
Interest rate |
Prime + 1% = 6.75% |
Prime + 3%= 8.75% |
Prime + 9% = 14.75% |
APR |
7.04% |
9.52% |
16.46% |
Monthly interest-only payments |
$37.29 for 12 months |
$49.77 for 12 months |
$87.09 for 12 months |
Monthly principal and interest payments |
$58.67 for 180 months |
$68.21 for 180 months |
$97.95 for 180 months |
Deferment
Interest rate and fees* |
Credit rating |
||
| Excellent | Good | Fair | |
Requested loan amount |
$6,500 |
$6,500 |
$6,500 |
Loan fee |
2%; $130 |
5%; $325 |
9%; $585 |
Total loan amount |
$6,630 (includes 2% loan fee) |
$6,825 (includes 5% loan fee) |
$7,085 (includes 9% loan fee) |
Interest rate |
Prime + 1.5%= 7.25% |
Prime + 4%= 9.75% |
Prime + 10%= 15.75% |
APR |
7.51% |
10.44% |
17.13% |
Monthly deferred payments |
$10 for 12 months |
$10 for 12 months |
$10 for 12 months |
Monthly principal and interest payments |
$63.82 for 180 months |
$78.08 for 180 months |
$117.28 for 180 months |
APR assumptions:
- Prime Rate published in The Wall Street Journal as of March 23, 2005 is 5.75%.
- APR does not change.
- Minimum monthly payment is $30 for standard repayment.
- Minimum monthly payment is $10 for deferment repayment during the deferment period.
Variable APR: The APR is a variable rate and may increase if the Prime Rate increases.
Repayment begins 30 days after the loan's disbursement.
*The interest rates and fees represent examples of typical transactions. A range of rates and fees exists within each credit tier (excellent, good, fair), based on the credit rating of the borrower and cosigner, if there is a cosigner. For example, if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees may fall within the "good" credit tier. Your rate and fee may vary from those shown. All loan fees are capitalized (added to the loan principal).
Excellent credit tier interest rates and fees* |
|
| Requested loan amount | $12,000 |
| Loan fee | 2%; $240 |
| Total loan amount | $12,240 |
| Interest rate | Prime + 1% = 7% |
| APR | 7.26% |
| Monthly principal and interest payments | $94.90 for 240 months |
Good credit tier interest rates and fees* |
|
| Requested loan amount | $12,000 |
| Loan fee | 3%; $360 |
| Total loan amount | $12,360 (includes 3% loan fee) |
| Interest rate | Prime + 2% = 8% |
| APR | 8.40% |
| Monthly principal and interest payments | $103.38 for 240 months |
Fair credit tier interest rates and fees* |
|
| Requested loan amount | $12,000 |
| Loan fee | 5%; $600 |
| Total loan amount | $12,600 (includes 5% loan fee) |
| Interest rate | Prime + 5% = 11% |
| APR | 11.75% |
| Monthly principal and interest payments | $130.06 for 240 months |
APR assumptions:
- Prime Rate published in The Wall Street Journal as of March 3, 2005 is 6.00%.
- APR does not change.
- Minimum monthly payment is $30 for standard repayment.
Community College Loan APR examples
Variable APR: The APR is a variable rate and may increase if the Prime Rate increases.
Repayment begins 30 days after the loan's disbursement for all repayment options.
*The interest rates and fees represent examples of typical transactions. A range of rates and fees exists within each credit tier (excellent, good, fair), based on the credit rating of the borrower and cosigner, if there is a cosigner. For example, if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees would fall within the "good" credit tier. Your rate and fee may vary from those shown. All loan fees are capitalized (added to the loan principal).
Standard
Interest rate and fees* |
Credit rating |
||
Excellent |
Good |
Fair |
|
Requested loan amount |
$6,500 |
$6,500 |
$6,500 |
Loan fee |
2%; $130 |
5%; $325 |
9%; $585 |
Total loan amount |
$6,630 (includes 2% loan fee) |
$6,825 (includes 5% loan fee) |
$7,085 (includes 9% loan fee) |
Interest rate |
Prime + 1% = 6.75% |
Prime + 3%= 8.75% |
Prime + 9% = 14.75% |
APR |
7.07% |
9.59% |
16.55% |
Monthly principal and interest payments |
$58.67 for 180 months |
$68.21 for 180 months |
$97.95 for 180 months |
Interest-only
Interest rate and fees* |
Credit rating |
||
Excellent |
Good |
Fair |
|
Requested loan amount |
$6,500 |
$6,500 |
$6,500 |
Loan fee |
2%; $130 |
5%; $325 |
9%; $585 |
Total loan amount |
$6,630 (includes 2% loan fee) |
$6,825 (includes 5% loan fee) |
$7,085 (includes 9% loan fee) |
Interest rate |
Prime + 1% = 6.75% |
Prime + 3%= 8.75% |
Prime + 9% = 14.75% |
APR |
7.02% |
9.48% |
16.39% |
Monthly interest-only payments |
$37.29 for 24 months |
$49.77 for 24 months |
$87.09 for 24 months |
Monthly principal and interest payments |
$58.67 for 180 months |
$68.21 for 180 months |
$97.95 for 180 months |
Deferment
Interest rate and fees* |
Credit rating |
||
Excellent |
Good |
Fair |
|
Requested loan amount |
$6,500 |
$6,500 |
$6,500 |
Loan fee |
2%; $130 |
5%; $325 |
9%; $585 |
Total loan amount |
$6,630 (includes 2% loan fee) |
$6,825 (includes 5% loan fee) |
$7,085 (includes 9% loan fee) |
Interest rate |
Prime + 1.5%= 7.25% |
Prime + 4%= 9.75% |
Prime + 10%= 15.75% |
APR |
7.41% |
10.23% |
16.54% |
Monthly deferred payments |
$10 for 24 months |
$10 for 24 months |
$10 for 24 months |
Monthly principal and interest payments |
$67.11 for 180 months |
$83.86 for 180 months |
$131.73 for 180 months |
APR assumptions:
- Prime Rate published in The Wall Street Journal as of March 23, 2005 is 5.75%.
- APR does not change.
- Minimum monthly payment is $30 for standard repayment.
- Minimum monthly payment is $10 for deferment repayment during the deferment period.
Continuing Education Loan APR examples:
Variable APR: The APR is a variable rate and may increase if the Prime Rate increases.
Repayment begins 30 days after the loan's disbursement for all repayment options.
*The interest rates and fees represent examples of typical transactions. A range of rates and fees exists within each credit tier (excellent, good, fair), based on the credit rating of the borrower and cosigner, if there is a cosigner. For example, if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees would fall within the "good" credit tier. Your rate and fee may vary from those shown. All loan fees are capitalized (added to the loan principal).
Standard
Interest rate and fees* |
Credit rating |
||
| Excellent | Good | Fair | |
Requested loan amount |
$6,500 |
$6,500 |
$6,500 |
Loan fee |
2%; $130 |
5%; $325 |
9%; $585 |
Total loan amount |
$6,630 (includes 2% loan fee) |
$6,825 (includes 5% loan fee) |
$7,085 (includes 9% loan fee) |
Interest rate |
Prime + 1% = 6.75% |
Prime + 3%= 8.75% |
Prime + 9% = 14.75% |
APR |
7.07% |
9.59% |
16.55% |
Monthly principal and interest payments |
$58.67 for 180 months |
$68.21 for 180 months |
$97.95 for 180 months |
Interest-Only
Interest rate and fees* |
Credit rating |
||
| Excellent | Good | Fair | |
Requested loan amount |
$6,500 |
$6,500 |
$6,500 |
Loan fee |
2%; $130 |
5%; $325 |
9%; $585 |
Total loan amount |
$6,630 (includes 2% loan fee) |
$6,825 (includes 5% loan fee) |
$7,085 (includes 9% loan fee) |
Interest rate |
Prime + 1% = 6.75% |
Prime + 3%= 8.75% |
Prime + 9% = 14.75% |
APR |
7.04% |
9.52% |
16.46% |
Monthly interest-only payments |
$37.29 for 12 months |
$49.77 for 12 months |
$87.09 for 12 months |
Monthly principal and interest payments |
$58.67 for 180 months |
$68.21 for 180 months |
$97.95 for 180 months |
Deferment
Interest rate and fees* |
Credit rating |
||
| Excellent | Good | Fair | |
Requested loan amount |
$6,500 |
$6,500 |
$6,500 |
Loan fee |
2%; $130 |
5%; $325 |
9%; $585 |
Total loan amount |
$6,630 (includes 2% loan fee) |
$6,825 (includes 5% loan fee) |
$7,085 (includes 9% loan fee) |
Interest rate |
Prime + 1.5%= 7.25% |
Prime + 4%= 9.75% |
Prime + 10%= 15.75% |
APR |
7.51% |
10.44% |
17.13% |
Monthly deferred payments |
$10 for 12 months |
$10 for 12 months |
$10 for 12 months |
Monthly principal and interest payments |
$63.82 for 180 months |
$78.08 for 180 months |
$117.28 for 180 months |
APR assumptions:
- Prime Rate published in The Wall Street Journal as of March 23, 2005 is 5.75%.
- APR does not change.
- Minimum monthly payment is $30 for standard repayment.
- Minimum monthly payment is $10 for deferment repayment during the deferment period.
Immediate Repayment - Interest and Principal
| Interest rate repayment |
Supplemental Fee |
Repayment fee |
APR |
Monthly payment |
| Prime + 1.50% | 5% | 0% | 8.92% | $89.00 |
| Prime + 2.50% | 7% | 0% | 10.23% | $98.00 |
| Prime + 6% | 9% | 0% | 14.19% | $126.00 |
Assumptions: Constant Prime Rate of 6.75%. A $10,000 loan, plus the supplemental fee, with one disbursement, and a 240-month repayment term.
Deferment
| Interest rate repayment |
Supplemental Fee |
Repayment fee |
APR |
Monthly payment |
| Prime + 1.50% | 6.50% | 0% | 8.42% | $121.00 |
| Prime + 2.50% | 8.50% | 0% | 9.50% | $136.00 |
| Prime + 6% | 10% | 0% | 12.75% | $192.00 |
Assumptions: Constant Prime Rate of 6.75%. A $10,000 loan, plus the supplemental fee, with one disbursement, and a 48-month in-school deferment before a 240-month repayment term begins.
Interest only
| Interest rate repayment |
Supplemental Fee |
Repayment fee |
APR |
Monthly deferred payments |
Monthly principal and interest payments 240 months |
| Prime + 1.50% | 5% | 0% | 8.87% | $72.00 | $89.00 |
| Prime + 2.50% | 7% | 0% | 10.16% | $82.00 | $98.00 |
| Prime + 6% | 9% | 0% | 14.13% | $116.00 | $126.00 |
Assumptions: Constant Prime Rate of 6.75%. A $10,000 loan plus the supplemental fee, with one disbursement, an 18-month deferment (12 months in school, 6 months grace) of principal amount only, before a 240-month repayment term begins.
Variable APR: The APR is a variable rate and will increase if the Prime Rate increases.
